HONG KONG -- Chinese electric vehicle startup Li Auto has made a successful U.S. stock market debut, a move expected to lead rivals to follow suit as they seek to capitalise on investor interest in Tesla and beef up balance sheets to face industry headwinds.
Beijing-based Li Auto raised a higher-than-expected $1.1 billion to support new production facilities and research in an initial public offering on Nasdaq Thursday. Its shares soared 43.1% on debut to close at $16.46 per share compared with an offer price of $11.50.
